People always wonder if buying an electric car is a good investment. Many studies show that driving an electric vehicle is cheaper than driving a conventional car. If you consider buying an electric vehicle, you may want to know how much money you would save switching from a gas driven car to an EV. We’ve built a tool, which gives you the opportunity to calculate your potential gas savings.
How Much Money Will an Electric Vehicle Save You Per Year
Use our tool below to see your yearly, monthly, and even daily savings if you would drive an EV instead of a gas-fuelled car.
The amount of gas savings when driving an electric car depends on the distance you drive on average, your electricity contract and the gas price in your region:
- Driving distance: The more you drive, the higher are your potential savings.
- Electricity price: The lower your energy bill is, the lower is your cost for driving electric. The energy price varies between all countries.
- Gas price: The higher the gas price is, the higher would your costs for gas be if you would keep driving with fossil fuels.
- Gas consumption: The higher the gas consumption of your current vehicle, or the fuel driven car you choose for the comparison, the higher your gas price will turn out to be.
- Energy consumption: The less energy your EV consumes, the less often you need to charge and therefore, the more money you save driving electric.
The energy and gas consumption does not only depend on the vehicles. They also depend on the driving style. Driving at high speeds typically leads to a higher energy or gas consumption.
We’ve calculated the savings with a charging efficiency of 90%. This, of course, can vary between different charging stations, the higher and better the charging efficiency is, the lower the energy costs.
The calculator is supposed to give you a feeling for the potential savings, of course, the saving of energy costs is not the only reason for people to switch to an electric vehicle.
If you have the chance to charge your EV at home, the price for charging depends on the energy contract you already have. Make sure you choose a cheap contract if you want to save money when charging your EV. If you have the chance of using energy provided by solar panels your energy costs might be even lower.
Of course, money is not everything, it is hard to put a price on the convenience of home charging compared to driving to the location of gas stations, also it is hard to put a price on the feeling of driving without fossil fuels.